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Financial Planning > Tax Planning > Tax Deductions

Senate to Vote on Tax Bill With 100% Bonus Depreciation

By Melanie Waddell

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Senate Majority Leader Chuck Schumer, D-N.Y., is planning a procedural vote Thursday on the The Tax Relief for American Families and Workers Act of 2024, H.R. 7024, which includes 100% bonus depreciation.

Schumer said Tuesday on the Senate floor that he ”filed cloture on this important piece of legislation, and senators should expect to vote on this measure Thursday.”

“Democrats are ready to go,” Schumer said. “The American people need tax relief. The big question right now is this: Will Republicans join us or will they stand in the way?”

The bill includes 100% bonus depreciation, allows for immediate research and development expensing and expands the Child Tax Credit.

The tax bill hit a setback in the Senate in mid-May after a failed attempt to attach it to a must-pass agency funding bill.

The full House passed the bill in late January by a 357 to 70 vote.

The $79 billion legislation, which passed out of the House Ways and Means Committee on Jan. 19, also raises the small-business expensing cap, increasing the amount of investment that a small business can immediately write off to $1.29 million from the $1 million cap enacted in 2017.

The vote on Thursday ”is expected to fail despite the widespread bipartisan vote in the House” back in January, according to The Hill.

Melanie Waddell

@Think_MelanieW

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